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December 15, 2013

Weekly Roundup | US Regulation | 16 December 2013

The Volcker Rule

Agencies Issue Final Rules Implementing the Volcker Rule

Five federal agencies on Tuesday issued final rules developed jointly to implement section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”). CFTC Press Release: Agencies Issue Final Rules Implementing the Volcker Rule.

What You Need to Know to Get a Jump on Volcker Compliance

While the approval of the Volcker Rule has prompted even more speculation and commentary, the real question should be: How can banks that want to conduct legitimate principal businesses comply as quickly and efficiently as possible? Tabb Forum: What You Need to Know to Get a Jump on Volcker Compliance.

Volcker Market-Making / CVA Trading Impacts | Risk article

This Risk article (subs.) lays out in more clarity the Volcker rule impacts and in particular market-making and CVA trading. The OTC Space: Volcker Market-Making / CVA Trading Impacts | Risk article. 

Ready for the Volcker Rule? What to Look For

Over two years after publication of a proposed regulation, a final regulation implementing the so-called “Volcker Rule” is expected to be adopted tomorrow by the five US Federal financial regulatory agencies. Shearman & Sterling LLP: Ready for the Volcker Rule? What to Look For.

Banks Spared Prop Trading ‘Apocalypse’ … for Now

Today, a final version of the long-awaited Volcker Rule has been published by the five US agencies involved in its drafting. RegTechFS: Banks Spared Prop Trading ‘Apocalypse’ … for Now.

Volcker Rule- Implemented, Delayed, Not-Entirely-Neutered

The five main U.S. regulatory agencies have issued final rules, implementing Section 619 of Dodd-Frank- the Volcker Rule. Implementation is delayed by a year, giving banks until 21st July 2015 to be fully compliant. However, the order specifies that proprietary trading operations should be closed “promptly” and that the largest banks must begin reporting various specified hedging\trading metrics from 30th June 2014. Regulatory Reform: Volcker Rule- Implemented, Delayed, Not-Entirely-Neutered.

 

The CFTC

Wetjen to be Temporary CFTC Chairman

As the year comes to an end, so will the term for current Commodity Futures Trading Commission chairman Gary Gensler, according to Bloomberg, commissioner Mark P. Wetjen will be temporarily taking his place. CFTC Law: Wetjen to be Temporary CFTC Chairman.

CFTC Cross-Border Guidance Was Not a Dodge, Says Ex-Staffer

With CFTC facing new Dodd-Frank lawsuit, former staffer defends agency's guidance – but pans staff letter that expanded its scope. Risk: CFTC Cross-Border Guidance Was Not a Dodge, Says Ex-Staffer.

Will the CFTC Disrupt Japan Domestic IRS Liquidity? | Japan Update

There are two Japan-related CFTC no action relief (NAR) deadlines approaching:

  • December 21st 2013: the NAR expires which temporarily allows US banks’ guaranteed non-US affiliates to trade with Japanese domestic / other non-US banks in Japan without CFTC substituted compliance approval. Japan is on the list of regimes looking for substituted compliance approval by CFTC.
  • December 31st 2013: the NAR expires which allows US banks and guaranteed non-US affiliates to clear at JSCC without its CFTC DCO approval. JSCC’s application is with CFTC for foreign DCO approval.

The OTC Space: Will the CFTC Disrupt Japan Domestic IRS Liquidity? | Japan Update.

 

Other US Regulation

Only 40% of Dodd-Frank Rules Have Been Written

Regulators have a losing track record when it comes to writing and implementing the rules for Dodd-Frank, the legislation designed to prevent another financial crisis. MoneyBeat: Only 40% of Dodd-Frank Rules Have Been Written.

Ghost of Christmas future: Regulators are Getting Personal in 2014

2013 has been a year for record-breaking fines; record-breaking not just in terms of their size but also who was fined and why. RegTechFS: Ghost of Christmas future: Regulators are Getting Personal in 2014.

 


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